Bloomberg Chinese President Xi Jinping said the central bank will play a stronger role in defending against risks, calling for more work on safeguarding the financial system and modernizing its regulatory framework. China will set up a Financial Stability Development Committee under the State Council, Xi said at a twice-a-decade National Financial Work Conference held July 14-15, state media reported ...

Bloomberg Wells Fargo & Co. is no longer releasing the customer account figures it started disclosing after a scandal in September erupted over employees creating fake accounts to reach sales goals. Wells Fargo had been reporting 19 measures of client activity monthly, including the number of retail bank customers opening and closing checking accounts or applying for credit cards. Just ...

Bloomberg Banco Santander SA, Spain’s biggest lender, bought minority stakes in three financial-technology firms as Chairman Ana Botin makes machine learning a hallmark of her growth plan. Santander InnoVentures is investing in Pixoneye and Curve, both based in the U.K., and Gridspace, located in the U.S., according to a statement. Terms weren’t disclosed. The acquisitions bring the number of fintech ...